The right strategy for the right phase at an engineering start-up
When a business starts up, cash is king. A good accountant can provide invaluable advice on how to maximise cashflow in the early years while saving for the looming taxes.
When this engineering company came to WLM Financial for advice, their immediate needs were relatively simple. We helped them instil better habits around timing their BAS payments and meeting their annual tax obligations. We explored options for them to purchase cars tax-effectively, and ensured all arrangements for the main partners were equal. We introduced them to Xero and worked with them on their bookkeeping.
The business grew quickly, and we have since implemented family trusts and corporate beneficiaries. We have also helped them set appropriate professional wages and dividends for themselves. We recommended a job time-sheeting recording system that integrated with their Xero bookkeeping system to streamline client invoicing. We also implemented Xero leave requests and Xero payroll for staff. We ensured they were registered for payroll tax, and claimed rebates under the state government’s job action plan program.
More recently, we’ve helped them manage their cashflow as industry conditions soften, and we have provided advice on purchasing commercial property and appropriate insurances.
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